April 26

A Non-Profit Venture Fund Aims to Back 200 Startups Established by Refugee Ukrainian Entrepreneurs

The founders won’t be taking salaries and are personally investing in the fund themselves. Tyan hopes its non-profit status will attract investors, who will get a bigger share of profits than usual.

A non-profit venture fund is seeking to support Ukrainian entrepreneurs who have had to flee from Ukraine to the West because of Russia’s invasion.

Ukrainian Tech Ventures is bidding to raise $50 million to back 200 startups for Ukrainian individual entrepreneurs or teams who want to resume their business in the West, founder Roman Tyan told Insider.

“It is a very timely and positive idea in view of the current situation in Ukraine, as lots of Ukrainian founders are forced to quickly relocate their businesses to Western countries,” Tyan – who is also a managing partner of NRG Ventures, a US-based business that funds startups in Eastern Europe – told Insider.

Photo courtesy of Matti from Pexels.

Source: Business Insider Africa (link opens in a new window)

migrants, nonprofits, refugees, startups